Varun Gandhi recently fired a questionnaire at Ministry of Finance in Lok Sabha. The government, however, didn’t provide any definitive response.
2019 is here, and we’re getting to hear something from our government once again about the regulation of cryptocurrencies. Thanks to a questionnaire presented in the Lower house of Parliament (Lok Sabha) by BJP MP Varun Gandhi, the government has been made to reveal some more details about its plans regarding crypto regulation in India. However, the government has still not provided any concrete details in response to the questionnaire. You can see the entire questionnaire below:
Interestingly, the government didn’t rule out the rollout of its own cryptocurrency in near future. This suggests that the rumors of a national cryptocurrency are not unfounded. It’s also worth noting that the Inter-ministerial committee working on regulations includes members from Ministry of Electronics and Information Technology, SEBI, RBI, CBDT and Department of Economic Affairs. This suggests how wide government thinks the scope of regulation is in this particular space.
It’s also worth noting that the government, according to its response given in the Parliament, is not tracking cryptocurrency trades.
The most concerning line in all the answers, however, is this:
“… in absence of a globally acceptable solution and the need to devise technically feasible solution, the Department is pursuing the matter with due caution. It is difficult to state a specific timeline to come up with clear recommendations.”
This seems to suggest that government is still very undecided over the regulations of crypto space. So it will be interesting to see how long it takes for the officials to come up with some sort of outline. It would have been better if a law would have been put in place with minor improvements being made over time, but if government wants to come out with a so-called “perfect” solution then let’s see how long it takes for them to draft such a solution. Let’s hope for the best, and Happy New Year! 🙂